whilst going through my iva process and reading my proposal i noticed that my iva company had their name and address next to my 2 x largest debts. does this mean they have took over them debts.
if so, should this be allowed.
hwg
Some IVA companies also vote in IVAs and have separate departments to do so. There are clear 'Chinese Walls' to avoid any conflicts so your IVA has no greater or lesser chance of success than that of anyone else.
is there any guidelines with reference to this. because to me it seems these "chinese walls" as you quote are very thin indeed.
its like a bookmaker owning half the horses in a race theres only one winner!
hwg
As an industry we are very heavily regulated and rightly so. I am sure that any firms voting on IVAs while drafting proposals will make sure they comply with any requirements of the regulators and I do believe these Chinese Walls work.
The people voting will have nothing to do with those who draft the proposals and the firms themselves act as agents for the banks and are not debt purchasers. You have nothing to be concerned about but if you still have doubts raise them with your IP firm who should be able to ease any other doubts you have.
If the company is who I think they might be. the IVA side are completely separate from the credit risk side, being, basically, different bodies under the same company umbrella.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
And if the company is who I think it is as well, that Chinese Wall is bigger than the Great Wall of China. They are known to give their own nominee team exactly the same treatment as the rest of us - but on the whole they are extremely sensible and fair.
